Community Music Schools of Toronto
STAR RATINGCi's Star Rating is calculated based on the following independent metrics: |
✔
FINANCIAL TRANSPARENCY
Most recent Audited financial statements available on the charity’s website.
B
RESULTS REPORTING
Grade based on the charity's public reporting of the work it does and the results it achieves.
n/r
DEMONSTRATED IMPACT
The demonstrated impact per dollar Ci calculates from available program information.
NEED FOR FUNDING
Charity's cash and investments (funding reserves) relative to how much it spends on programs in most recent year.
93%
CENTS TO THE CAUSE
For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 93 cents are available for programs.
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OVERVIEW
About Community Music Schools of Toronto:
Community Music Schools of Toronto is a 3-star charity with average results reporting. It has overhead spending within Ci's reasonable range and high reserve funds that can cover five years and nine months of program costs.
Founded in 1999, Community Music Schools of Toronto (CMST), formerly Regent Park School of Music, provides affordable music programs to youth. The charity offers its services to low-income families in two Toronto neighborhoods: Regent Park and Jane & Finch. It offers free music lessons to kids aged 4-18. CMST also offers programs for students with disabilities, summer programs, and leadership programs. The charity reports it spent $1.9m on its programs in F2022.
CMST reports it provided music education to 750 students in F2023. The charity reports over 300 students joined its Student Development Program. This program equips youth with essential life-skills beyond the music classroom. This includes resume building, study habits, and meditation. It offers CMST Talks seminars, which are open to all CMST students and the community. Seminar topics in F2023 included accessibility in music and ‘Rock Music - A Black Perspective’. CMST returned to in-person recitals in F2023.
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Results and Impact
CMST reports 95% of its graduates over the past decade have gone on to pursue post-secondary education. 26 students graduated from CMST in 2023.
While Ci highlights these key results, they may not be a complete representation of Community Music Schools of Toronto’s results and impact.
The charity is not yet rated on impact (n/r).
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Finances
Charity Intelligence has consolidated Community Music Schools of Toronto and Community Music Schools of Toronto Foundation in the following financial analysis.
Community Music Schools of Toronto Foundation’s F2023 financial statements were not available at the time of this update. As such, the financial review is based on F2022 information.
In F2022 CMST received $3.9m in donations. The charity received $326k in government funding, representing 6% of total revenues.
Administrative costs are 5% of revenues (excluding investment income). Fundraising costs are 1% of donations. This results in total overhead spending of 7%. For every dollar donated, 93 cents are available to go to the cause. This falls within Ci’s reasonable range for overhead spending.
In F2022 CMST spent $1.9m on its programs, which is 33% of its revenue. In F2022 it had a deficit of $3.3m.
Community Music Schools of Toronto has $10.8m in reserve funds (cash and investments). Excluding $319k in donor-endowed funds, the net funding reserves can cover 573%, or five years and nine months of program costs. CMST has total investments of $10.1m (a 145% increase from F2021). 50% is in cash and cash equivalents, 34% in equities, and 4% in bonds. In F2022, the annual return on investment for CMST was (12%). Its four-year annual return on investment is 1%.
This charity report is an update that has been sent for review to Community Music Schools of Toronto. Changes and edits may be forthcoming.
Updated on August 26, 2024, by Grady Simpson.
Financial Review
Fiscal year ending June
|
2022 | 2021 | 2020 |
|---|---|---|---|
| Administrative costs as % of revenues | 5.4% | 10.8% | 13.5% |
| Fundraising costs as % of donations | 1.3% | 2.6% | 3.3% |
| Total overhead spending | 6.6% | 13.4% | 16.8% |
| Program cost coverage (%) | 573.1% | 536.8% | 254.5% |
Summary Financial StatementsAll figures in $s |
2022 | 2021 | 2020 |
|---|---|---|---|
| Donations | 6,038,030 | 1,887,151 | 1,849,173 |
| Government funding | 326,216 | 1,071,430 | 277,149 |
| Fees for service | 0 | 100 | 51,858 |
| Investment income | (832,315) | 124,264 | 154,106 |
| Other income | 62,000 | (45,231) | 55,791 |
| Total revenues | 5,593,931 | 3,037,714 | 2,388,077 |
| Program costs | 1,851,955 | 1,362,010 | 1,564,625 |
| Administrative costs | 343,777 | 315,909 | 302,341 |
| Fundraising costs | 76,644 | 48,761 | 60,392 |
| Total spending | 2,272,376 | 1,726,680 | 1,927,358 |
| Cash flow from operations | 3,321,555 | 1,311,034 | 460,719 |
| Capital spending | 43,109 | 17,166 | 6,222 |
| Funding reserves | 10,841,656 | 7,537,118 | 4,246,762 |
Note: INVESTMENT INCOME (LOSS): Ci included investment income (loss) under investment income. This reduced revenues and expenses by $832k in F2022. CONTRIBUTIONS FROM THE FOUNDATION: Contributions from the foundation were not included in revenues or expenses. This reduced revenues and expenses by $1.3m in F2022, $166k in F2021, and $1.2m in F2020. CHANGE IN GOVERNMENT ASSISTANCE RECEIVABLE: Ci adjusted for change in government assistance receivable. This affected revenues by ($154k) in F2022 and ($65k) in F2021. DEFERRED ADJUSTMENT: CMST uses deferred accounting. To show donors information on a consistent basis, Ci adjusted for these deferred revenues. This affected revenues by $62k in F2022, ($45k) in F2021, and $56k in F2020. DEFERRED ADJUSTMENT FOUNDATION: Ci adjusted for the Foundation’s deferred revenues. This affected revenues by ($156k) in F2022, $139k in F2021, and $375k in F2020. DEFERRED REVENUE FOR CAPITAL PROJECTS: Ci adjusted for deferred revenue for capital projects. This affected revenues by $4.0m in F2022 and $2.0m in F2021.
Salary Information
$350k + |
0 |
$300k - $350k |
0 |
$250k - $300k |
0 |
$200k - $250k |
0 |
$160k - $200k |
1 |
$120k - $160k |
0 |
$80k - $120k |
1 |
$40k - $80k |
6 |
< $40k |
2 |
Information from most recent CRA Charities Directorate filings for F2023
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Comments & Contact
Comments added by the Charity:
Charity Contact
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